Private exporters reported to USDA export sales of 278,384 MT of corn for delivery to Japan during the 2014-15 marketing year, which begins Sept. 1, 2014.
The sale reminds the market that corn is in a demand rebuilding phase and it's encouraging that Japan is looking to book 2014-crop at this time of year. But buying in the corn market is being limited by concerns that linger surrounding the situation in China, as there are fears more cargoes of U.S. corn will be rejected because they contain unapproved GMO material.
USDA issues both daily and weekly export sales reports to the public. Exporters are required to report to USDA any export sales activity of 100,000 metric tons or more of one commodity, made in one day to one destination, by 3 p.m. Eastern time on the next business day following the sale. Export sales of less than these quantities must be reported to USDA on a weekly basis.